§490:5-102  Definitions.  (a)  As used
in this article:



(1)  "Adviser" means a person who, at the
request of the issuer, a confirmer, or another adviser, notifies or requests
another adviser to notify the beneficiary that a letter of credit has been
issued, confirmed, or amended.



(2)  "Applicant" means a person at whose
request or for whose account a letter of credit is issued.  The term includes a
person who requests an issuer to issue a letter of credit on behalf of another
if the person making the request undertakes an obligation to reimburse the
issuer.



(3)  "Beneficiary" means a person who under
the terms of a letter of credit is entitled to have its complying presentation
honored.  The term includes a person to whom drawing rights have been
transferred under a transferable letter of credit.



(4)  "Confirmer" means a nominated person
who undertakes, at the request or with the consent of the issuer, to honor a
presentation under a letter of credit issued by another.



(5)  "Dishonor" of a letter of credit means
failure to timely honor or take an interim action, such as acceptance of a
draft, that may be required by the letter of credit.



(6)  "Document" means a draft or other
demand, document of title, investment security, certificate, invoice, or other
record, statement, or representation of fact, law, right, or opinion (i) which
is presented in a written or other medium permitted by the letter of credit or,
unless prohibited by the letter of credit, by the standard practice referred to
in section 490:5-108(e), and (ii) which is capable of being examined for
compliance with the terms and conditions of the letter of credit.  A document
may not be oral.



(7)  "Good faith" means honesty in fact in
the conduct or transaction concerned.



(8)  "Honor" of a letter of credit means
performance of the issuer's undertaking in the letter of credit to pay or
deliver an item of value.  Unless the letter of credit otherwise provides,
"honor" occurs



(i)  Upon payment;



(ii)  If the letter of credit provides for
acceptance, upon acceptance of a draft and, at maturity, its payment; or



(iii)  If the letter of credit provides for
incurring a deferred obligation, upon incurring the obligation and, at
maturity, its performance.



(9)  "Issuer" means a bank or other person
that issues a letter of credit, but does not include an individual who makes an
engagement for personal, family, or household purposes.



(10)  "Letter of credit" means a definite
undertaking that satisfies the requirements of section 490:5-104 by an issuer
to a beneficiary at the request or for the account of an applicant or, in the
case of a financial institution, to itself or for its own account, to honor a
documentary presentation by payment or delivery of an item of value.



(11)  "Nominated person" means a person whom
the issuer (i) designates or authorizes to pay, accept, negotiate, or otherwise
give value under a letter of credit, and (ii) undertakes by agreement or custom
and practice to reimburse.



(12)  "Presentation" means delivery of a
document to an issuer or nominated person for honor or giving of value under a
letter of credit.



(13)  "Presenter" means a person making a
presentation as or on behalf of a beneficiary or nominated person.



(14)  "Record" means information that is
inscribed on a tangible medium, or that is stored in an electronic or other
medium and is retrievable in perceivable form.



(15)  "Successor of a beneficiary" means a
person who succeeds to substantially all of the rights of a beneficiary by
operation of law, including a corporation with or into which the beneficiary
has been merged or consolidated, an administrator, executor, personal
representative, trustee in bankruptcy, debtor in possession, liquidator, and
receiver.



(b)  Definitions in other articles applying to
this article and the sections in which they appear are:



"Accept" or "Acceptance". 
Section 490:3-409.



"Value".  Sections 490:3-303,
490:4-211.



(c)  Article 1 contains certain additional
general definitions and principles of construction and interpretation
applicable throughout this article. [L 1996, c 39, pt of §1]